Law firms in Washington, D.C. have been reinforcing their efforts to expedite billing and collections this year; this shift has been triggered by clients across the legal industry taking a longer time to pay their dues. Among the firms leading this initiative is Steptoe, whose Chair Gwen Renigar has vocalized the procedural shift.
In a recent interview, Renigar stated that her firm revamped its financial systems in July. This much-needed digitization of the process, which transitioned a variety of steps to online portals, has been instrumental in enabling lawyers to enter their time proficiently and manage their bills electronically.
Moreover, beyond overhauling its billing process, Steptoe has substantially amplified its investment in financial and budget professionals. Coupled with the tech update, the firm now boasts a more robust modern infrastructure than ever before, ensuring efficiency throughout the year.
This example set by DC firms underscores a growing trend among law firms worldwide who are beginning to recognize the potential benefits of investing in innovative tools and processes for billing and collection, streamlining their operations and, more importantly, ensuring timely payments. The legal industry will no doubt keep a keen eye on Washington’s evolving methods.